Dallas County and Serra Real Estate Capital have opened a 12-story parking complex at 700 Jackson Street in Dallas. The 480,000 square foot building is a prelude to further on-site development expected in connection with the $3.7 billion expansion of the Kay Bailey Hutchison Convention Center.
Dallas County currently owns the master lease for the building, with Labora Group subletting the 500-space space. The retail land is owned by his Labora and can be sold individually in a condominium structure. All of his 1,228 parking spaces in the building are pre-wired for EV charging, providing parking relief for Dallas County and Labora Group.
The prestressed structure also has the capacity to accommodate an additional 15 storeys, including the possibility of building a hotel within walking distance of the convention center. Dallas County Commissioner John Wiley Price said the hotel is expected to be used.
The Kogan-designed structure features a roof that can accommodate solar panels and five restaurants and retail space on the ground floor. Its façade features perforated raised seam metal panels. “So it actually looks more like a piece of art than a parking lot,” said David Kelley, co-founder and managing director of Serra Real Estate Capital. “More importantly, when you look at the width of the sidewalks and the glass on the storefronts, you can see that three sides of the building are addressable and pedestrian-friendly. By installing an addressable storefront, we can make it pedestrian-friendly by adding retail space, even if it is just a parking lot for the time being.”
Kelly said Dallas County commissioners had a vision and OMS and CBRE worked to find available sites. The selected land is owned by City Electric Supply and LaBora, and their hope was to create an attractive pedestrian-friendly streetscape near the convention center, Kelly said. Corgan, Azteca Omega and HJ Russell & Co. joined forces on the design-build concept. “In the end, we ended up with a great project that was visually appealing, pedestrian-friendly, and in buildable numbers,” Kelly said.
The double helix design of this structure allows it to be operated as two separate garages.
Kelly noted that the structure is designed to allow some of the ground floor retail space to be converted into a lobby. “And if you look at the curb cut, it’s actually designed to allow you to enter and exit your car from the driveway,” he added.
Dallas County Commissioner Dr. Elva Garcia noted that minority-owned businesses are included in the project, including Serra Real Estate Capital, Azteca Omega Group, and H.J. Russell & Company. More than half of the construction team identifies as ethnic minorities and women. Business you own. The project’s contractors also partnered with Second Chance Programs, which provide jobs to formerly incarcerated workers. “By supporting our diverse suppliers and small businesses and addressing critical needs in our aging infrastructure, we have significantly advanced our goal of building a more inclusive and resilient Dallas County. We are poised for a prosperous and bright future,” Garcia said in a press release.
Construction on the $66.8 million project broke ground in November 2021, months before Dallas voters approved a 2-cent increase in the city’s hotel occupancy tax to cover the costs of the convention center expansion.
Serra Real Estate Capital financed and developed the project using a credit tenant lease structure, with CGA Capital as lender. Construction was a joint venture between general contractors Azteca Omega Group and HJ Russell & Co.
